Draft Minutes for the special National Finance Committee meeting August 28, 2013.<br><br>Meeting convened at 8:40 PM<br />
(ET) a quorum being present, the Chair and Secretary being<br />
present.<br>----------------------------------------------------------------------------------------------------<br>Attending:<br />
Jim Boyd, John Cromshow, R. Paul Martin (Secretary), Tony Norman, Michael Novick, Tracy Rosenberg (Chair), Manijeh Saba,<br />
Raul Salvador (CFO), Richard Uzzell, Barbara<br />
Whipperman.<br>----------------------------------------------------------------------------------------------------<br>Agenda:<br><br>Continuation<br />
of consideration of the KPFK draft FY14<br />
budget<br><br>----------------------------------------------------------------------------------------------------<br><br>Continuation<br />
of consideration of the KPFK draft FY14 budget 8:41 PM (ET)<br><br>The committee resumed its consideration of the KPFK<br />
draft FY14 budget proposal. The committee included in its discussions consideration of the “minority report” that<br />
questioned some of the numbers that had been presented to the NFC. The CFO said that in th next couple of days he should<br />
be able to send preliminary Profit & Loss statements to the Managers and the LSBs. The CFO said that KPFK’s “Listener<br />
Support” through July, is $2,687,773 vs. $2.563M budgeted, Premiums cost is $440,424 vs. $252,484 budgeted. The CFO said<br />
that the National Office is trying to update Depreciation and he estimates that it amounts to about $59,770 which<br />
suggests about $5,900 a month for that item. Premium shipping cost is $70,500 to the end of July. The CFO said that<br />
“Salaries and Related” through July was budgeted for $1,174,458 and other related expenses were about $296,850. The Year<br />
to Date budget for Salaries and Related is $1.317M, about $150,000 over budget. The overage is mostly due to taxes and<br />
benefits.<br><br>The committee discussed premium and development related costs and the ratio of premium cost to the<br />
station to the prices set for obtaining premiums. The nature of the premiums offered was also<br />
discussed.<br><br>Depreciation and the way it’s treated in the budget was discussed.<br><br>The possibility of a further<br />
force reduction at KPFK was discussed.<br><br>Motion: (Tracy Rosenberg) “On the KPFK draft FY14 budget proposal to make<br />
“Listener Support” Line 5, General Ledger #5000 $3.0M; “Personnel Costs” line 62, $1.679M; “Major Donor” Line 8, <br />
General Ledger #5752 to $40,000; “LSB Election Expenses” Line 69, General Ledger #6595 to $26,000; adjust “Depreciation”<br />
Line 68, General Ledger #6655 to the actual $70,800; “Direct Mail - Printing” Line 128, General Ledger #6771 to $19,100<br />
and “Direct Mail - Postage” Line 129, General Ledger #6772 to $14,351; to reduce “Premium Packing/Shipping” Line 135,<br />
General Ledger #6752 to $50,000; “Total Revenue” Line 22, to $3.43M; “Total Operating Expense” (prior to “Shared<br />
Services”) Line 30, to $2.829M; “Total Shared Services” Line 34, to $592,000; “Net Income (Net Loss)” before (“Capital<br />
Items”) Line 36 to $8,476.” (Passed 7 for, 3 against)<br><br>Amendment: (Raul Salvador) “In the main motion to strike<br />
‘“Personnel Costs” line 62, $1.679M,’ and strike reducing ‘“Listener Support” Line 5, General Ledger #5000 $3.0M’”<br />
(Fails 4 for, 6 against)<br><br>The Chair reminded the committee that the next meeting will be on Tuesday, September 3,<br />
2013.<br><br>Adjourned 11:54 PM (ET)<br><br>Submitted by R. Paul Martin, Secretary.